Flexys and Moneyhub have entered into a strategic partnership to revolutionize the collections process using Open Banking technology.

Date – 15-Aug-2024

Flexys, a prominent UK-based provider of collections management technology, has announced a strategic partnership with Moneyhub, a trailblazer in Open Banking, Open Finance, and Open Data solutions.

This collaboration aims to revolutionize the collections industry by integrating Moneyhub’s cutting-edge Open Banking capabilities into Flexys’s advanced cloud-based software. The partnership is set to enhance Flexys’s already innovative platform, which uses real-time data and automation to improve collections efficiency, reduce collection times, and increase success rates.

James Hill, CEO of Flexys, expressed his excitement about the partnership, saying, “We are thrilled to partner with Moneyhub and explore the transformative potential of Open Banking technology in collections. This integration will enable our clients to offer a superior experience to their customers.”

The integration of Moneyhub’s Open Banking solutions into Flexys’s platform is expected to deliver several key benefits, including:

• Enhanced Financial Visibility: Improved access to accurate financial data for better decision-making.
• Streamlined Payment Processes: Reduced friction and faster payment handling.
• Improved Customer Engagement: Automated, personalized payment plans tailored to individual needs.
• Increased Efficiency: Lower operational costs and greater productivity for collections teams.

Open Banking technology will also enable more accurate Income and Expenditure (I&E) assessments, leading to faster and more suitable forbearance options. This targeted approach enhances the likelihood of successful repayments and reduces the risk of defaults by aligning solutions with each customer’s financial situation.

Suzanne Homewood, Managing Director at Moneyhub, commented on the partnership, “Open Banking presents a unique opportunity for the collections industry to cut operational costs and alleviate the stress for customers navigating financial challenges. Our partnership with Flexys is set to transform the collections process, mirroring the advancements we’ve achieved in originations. We are excited to drive meaningful change together.”